Return on Investment (ROI). For some firms and organizations, the law library can seem like a large expense without full trackablity of the value it offers. Some firms and organizations use it as a cost center. However, there are ways to enhance return on investment beyond general reporting. Not to negate reporting because we do highly recommend it. Here are other ways to provide ROI for your law library.
Billing Title Change
Changing the billing title of one or all of the Library staff can be a simple fix to passing on their research time to clients.
Modern Library Audit
A Modern Library Audit provides a current assessment of where your law library is today, and based on your unique firm’s or organization’s situation, what opportunities exist for transforming and streamlining workflow. Feit Consulting conducts Modern Library Audits for firms and organizations. This encompasses our team of experts completing an assessment of usage, processes and technology use. We provide a full business case with clear recommendations, specific to your firm and organization. Recommendations provided highlight the impact on your bottom line. No two law libraries are alike, nor are the solutions and services needed for optimizing use and value.
Start the Negotiation Process Early
Time is a huge advantage in the legal information contract negotiation process. Providing an adequate amount of time to begin the process can mean the difference of thousands of dollars for the firm/organization. Assess value early, Get quotes early.
Benchmark Your Contracts
When was the last time you had your contracts benchmarked by an outside firm? Your firm or organization may have the strongest negotiators in the industry but without the knowledge of where your contract stands in the market, you have no foundation to start from.
Revisit your Legal Information Strategy
Reviewing your strategy ensures your goal setting for 2018 is in line with the firm/organization’s anticipated changes and goals. Revising your strategy is a strong way to start the new year.
Is your portfolio of resources serving your constituents fully? We have clients who sign a new contract year over year without assessing the use and value to users because the price tag is not significant. These small items can add up. Take the time to review your collection. If you don’t’ have the time, hire an outside consulting firm like Feit Consulting. With a little investment of time and money, you could be saving thousands over the years to come.
Interested in learning more about what Feit can do for your firm, contact us today for an initial consultation.
Jenny Potocnik is the Vice President of Strategy and Research. She collaborates with the leadership team and account managers on strategy development for client projects and spearheads research initiatives including surveys and white papers. With a background in international development and research, Jenny brings a fresh perspective to Feit Consulting’s strategy development and execution.